OurCommunityPower.org >  Credit Forums   Debt Forums  Mortgage Forums  Insurance Forums
CreditMagic logo
Close

    LOG IN
Don't have an account? Sign up

*Email:
*Password:
*Display Name:
* denotes required field
*Email:
*Password:
Forgot password?
*E-mail:
  
HomeCredit ForumCredit repair

Credit line decrease based on misreading of a report

 Post reply  Start a topic
Author Message
Options
Print this topic
Invite a friend
Email this topic
  Bookmark online
Add to del.icio.us
Add to YahooMyWeb
 
brian.brook



Joined: 07 May 2008
brianbrook's page
Posts: 1



35 Magic Points
Subject: Credit line decrease based on misreading of a report
 
 Posted on Wed May 07, 2008 12:41 pm  
American Express recently reduced my credit line from $28,000 to $800, citing a "public record" that I had an outstanding judgment against me. This judgment is paid, but Amex said they couldn't see that from the info they had. When I looked at the report that came free from Experian with this adverse action taken, it said it was a "potentially negative" item, but it did say it was a "paid civil judgment." It was only a few thousand as a result of a dispute between me and former landlord. I was so frustrated with Amex, I cancelled the card. Now I'm wondering if they weren't violating some sort of federal law? Either them or Experian, who may have given too little information. What on earth can I do? That was the bulk of my available unused credit that is now vanished.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3137



5332 Magic Points
 
 Posted on Mon May 26, 2008 1:55 pm  
Welcome to the forum brian,

First off I would like to say that I am sorry this happened to you, this action of taking off potential open may have also lowered your score too right? Have you check this part out yet?

Experian should have given them more information, however they may still have lowered your credit line because of the judgement, paid or not, credit card companies constantly monitor and adjust credit limits and rates according to ones credit activity, it is what they call for their protection.

Seems silly because they will sometimes up the rate on the card charging the consumer more, I don't understand how they make these decisions. Lowering someones credit or raising their rates only put them in a worse situation.

I wish you luck with this, hang around I am sure that someone with a different point of view or more information will be along soon.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
scott

scott

Joined: 28 Jun 2006
scott's page
Posts: 181



4892 Magic Points
 
 Posted on Tue May 27, 2008 6:28 am  
I think you could have sent a certified copy of the Experian report to Amex saying that the judgment is paid. Moreover, you should not have taken the quick decision of canceling your card as this will definitely hurt your credit score.
_________________
SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
Quick Reply
Your Name
Subject
Message body
Page 1 of 1

 


All the works we publish comply with the Creative Commons Attribution License.
This work is licensed under cc by 2.0

Home Knowledge bank Forums About us

Members Area
  • Log in
  • Sign up
  • Bookmark us
Ask the Community
Join credit magic community
Search
  • Forum Search

Financial Tools
  • Credit Repair Tool

Financial blog reader.
Quick poll
Which one will increase FICO faster-Pay credit card balance in FULL OR leaving some balance behind?
Pay credit card balance in full 
Pay credit card balance in several months